you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. >>> we can see that in the inverse relationship exhibited by price/earnings ratios and the rate of inflation in the past. but how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in japan over the past decade. >> that was alan greenspan back on december 5th, 1996, in his now famous irrational exuberance speech. the dow closed that day at 6,437. the index's closing low during the financial crisis, 6,547. >> it went to 14,000 first. >> it did. >> and if there was irrational exuberance anywhere, we know where it really was. i mean, i love the chairman. but it was in the bond market. f >> in the bond market. >> that got so irrationally exuberant that we're still dealing with it today. i don't know to ascribe any great insight into the speeches. it's kind of ironic. >> greg fleming is o